Projects include further industrial development of the large offshore Azeri-Chirag-Gunashli (ACG) deep-water oil field by the Azerbaijan International Operating Company (AIOC) international consortium.
The envisaged construction of two oil platforms for the Azeri Central East project is regarded as one of the most investment-attractive individual projects.
New or renewed PSAs for the exploration and industrial exploitation of hydrocarbon deposits help to trigger investments in the oil and gas industry.
Gas production from the Absheron deposit is expected to commence in the third quarter of 2020. At first, 1.5 billion cubic meters of gas and 700,000 tons of gas condensate will be produced annually. From 2022/2023, annual gas production is expected to increase to at least 4 billion cubic meters of gas.